The Fund invests primarily in the common stock of U.S. growth companies of any capitalization by using exchange-traded funds ("ETFs") and mutual funds in different combinations and weightings. The ETFs and mutual funds ("Underlying Funds") each invest primarily in U.S. common stock of varying market capitalizations, sectors and strategy themes.

The Fund's investment advisor delegates execution of the Fund's investment strategy to Advisors Capital Management, LLC (the "Sub-Advisor"). The Sub-Advisor employs a fund-of-funds strategy focused on ETFs. The Underlying Funds selected typically following an index-tracking strategy however, the Sub-Adviser may also use actively managed Underlying Funds. The Sub-Adviser defines a growth company as one which it believes has an above-average outlook for growth in sales or earnings. The Sub-Adviser selects stocks using a two-stage process. After it identifies a universe of growth companies it selects them based on price relative to growth outlook, which is sometimes referred to as growth-at-a-reasonable price or “GARP.” To assess relative value the Sub-Adviser may also consider a company’s (i) competitive advantage, (ii) proven products or services, (iii) length of record of above-average earnings growth, (iv) demonstrated record potential to sustain earnings growth, (v) connection to an industry experiencing increasing demand, and (vi) ability to grow sales or earnings in good or bad economic environments. The Sub-Adviser selects Underlying Funds that have portfolios that are representative of the growth selection process described above.

The Sub-Adviser seeks to construct a portfolio of Underlying Funds that represents various themes and sub-strategies that it believes will produce above-average risk-adjusted returns when compared to the U.S. equity market as a whole over the long-term. Underlying Funds include those that track an equity index focused on specific market capitalizations, specific investment styles (for example, large cap growth). There are no restrictions on the type of equity index-tracking Underlying Funds that the Sub-Advisor may choose. The Sub-Advisor uses SEC filings, computer databases, industry publications, general and business publications, brokerage firm research reports, and other information sources to gather information used in its fundamental analysis of the economy, sectors and Underlying Funds.

The Fund is typically structured with 5 to 15 Underlying Funds. The Fund is diversified and invested in multiple industries, and may be overweight (as compared to the S&P 500® Index) in certain sectors at various times (such as financials, healthcare, information technology, industrials, etc.). The Sub-Advisor regularly reviews each of the Underlying Funds in the portfolio to confirm that each Underlying Fund continues be consistent with the investment objective of the Fund. The Sub-Advisor primarily sells an Underlying Fund to adjust asset allocation, when a critical investment assumption is no longer valid, or when the current price fully reflects intrinsic value, but may also do so when a lower cost Underlying Fund becomes available.